JOHNSTOWN, Pa., Jan. 15, 2021 /PRNewswire/ -- AmeriServ
Financial, Inc. (NASDAQ: ASRV), the parent company of AmeriServ
Financial Bank, and Riverview Financial Corporation (NASDAQ:
RIVE), the parent company of Riverview Bank and its
operating divisions, jointly announced today the execution of a
definitive agreement whereby AmeriServ will acquire Citizen's
Neighborhood Bank's (CNB), an operating division of Riverview Bank,
branch and deposit customers in Meyersdale, as well as the deposit customers
of CNB's leased branch in the Borough of Somerset. Both
of these locations are in Somerset
County in southwestern Pennsylvania.
As of the agreement date, the related deposits total
approximately $48 million and will be
acquired for a 3.71% deposit premium. The Meyersdale branch will continue in operation
under the AmeriServ name, and Somerset branch customers will be serviced
from the neighboring full service AmeriServ office at 108 West Main
Street. On a pro forma basis, ASRV will have the fourth
largest deposit market share in Somerset
County with four branches and $150
million in deposits. This transaction will be immediately
accretive to AmeriServ earnings and the approximate 2% dilution to
ASRV's tangible book value will be earned back in less than three
years.
Jeffrey A. Stopko, President and CEO of AmeriServ said of the
transaction: "We know these markets very well and we are excited
about this opportunity that fits in so perfectly with our
operational strategies for growth; adding a profitable branch and
additional deposits in our core markets. We are looking
forward to welcoming the branch employees and customers (many of
whom were customers of the former Citizens National Bank of
Meyersdale) into the AmeriServ
family."
Brett D. Fulk, President and CEO of Riverview commented: "This transaction is
consistent with our ongoing focus upon operational efficiencies,
which includes a comprehensive retail office repositioning and
brand consolidation strategy. We are pleased to have found
the right partner in AmeriServ Financial Bank for our CNB deposit
customers and retail employees. I am confident the transition
from CNB will be seamless for our customers and employees."
The transaction is subject to regulatory approvals and
satisfaction of customary closing conditions and is expected to
close in the second quarter of 2021. Stevens & Lee is
serving as legal counsel and Griffin Financial Group is serving as
financial advisor to AmeriServ. Luse
Gorman, PC is serving as legal counsel and Ategra Capital
Management is serving as financial advisor to Riverview.
About AmeriServ Financial, Inc.
AmeriServ Financial,
Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust
and Financial Services Company in Johnstown, PA. The Company's
subsidiaries provide full-service banking and wealth management
services through sixteen community offices in southwestern
Pennsylvania and Hagerstown, Maryland. The Company also
operates loan production offices in Altoona and Monroeville, Pennsylvania. At
September 30, 2020, AmeriServ had
total assets of $1.3 billion and a
tangible book value of $5.36 per
common share. The Company's common stock trades on the NASDAQ
Global Market under the symbol "ASRV". For more information,
visit www.ameriserv.com.
About Riverview Financial Corporation
Riverview
Financial Corporation is the parent company of Riverview Bank. An
independent community bank, Riverview Bank serves the Pennsylvania market areas of Berks, Blair,
Bucks, Centre, Clearfield, Cumberland, Dauphin, Huntingdon, Lebanon, Lehigh, Lycoming, Perry, Schuylkill and Somerset Counties through 27 community banking
offices and three limited purpose offices. Each office,
interdependent with the community, offers a comprehensive array of
financial products and services to individuals, businesses,
not-for-profit organizations and government entities. Riverview's business philosophy includes
offering direct access to senior management and other officers and
providing friendly, informed and courteous service, local and
timely decision making, flexible and reasonable operating
procedures and consistently applied credit policies. The Company's
common stock trades on the NASDAQ Global Market under the symbol
"RIVE". The Investor Relations site can be accessed at
https://www.riverviewbankpa.com/.
Caution Regarding Forward-Looking Statements
This
release contains forward-looking statements as defined in the
Securities Exchange Act of 1934 and is subject to the safe harbors
created therein. Such statements are not historical facts and
include expressions about management's expectations, strategies and
similar matters. Forward-looking statements may be identified
by words such as "continuing," "expect," "look," "believe,"
"anticipate," "may," "will," "should," "projects," "strategy," or
similar statements. Actual results may differ materially from
such forward-looking statements, and no reliance should be placed
on any forward-looking statement. Forward-looking statements
involve risks and uncertainties that could cause results to differ
materially from current expectations. Such risks and
uncertainties are described in the filings made by AmeriServ and
Riverview with the Securities and
Exchange Commission, including their respective Annual Reports on
Form 10-K for the year ended December
31, 2019. Forward-looking statements are based on the
beliefs and assumptions of management and on currently available
information. The statements in this release are made as of the date
of this press release, even if subsequently made available by on a
website or otherwise. AmeriServ and Riverview undertake no responsibility to
publicly update or revise any forward-looking statement included
herein to reflect future events or developments.
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SOURCE AmeriServ Financial, Inc.